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Compensatory Equity Incentive Plan and Other Equity Incentives (Tables)

6 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share Based Compensation Award Plans

These two plans are summarized below:

						Award Shares				Available for
						Outstanding				Issuance
		Award Shares				at December 31,				at December 31,
Equity Compensation Arrangement		Authorized				2014				2014
Amended and Restated Omnibus Incentive Plan			2,715,625				1,799,458				277,103
Employee Stock Purchase Plan			200,000				—				—
			2,915,625				1,799,458				277,103

Schedule of stock options grant sate fair value assumptions

For stock options granted in the six month periods ended December 31, 2014 and 2013, the Company estimated the fair value of each stock option as of the date of grant using the following assumptions:

		Six Months Ended				Six Months Ended
		December 31, 2014				December 31, 2013
Expected volatility			103	%			118	%
Weighted average expected volatility			103	%			118	%
Dividend yields			0	%			0	%
Risk-free interest rate			1.77	%			2.48	%
Expected term, in years			7.50				11.85

Schedule of Share Based Compensation Awards Activity

A summary of the activity for share-based compensation awards in the six months ended December 31, 2014 is presented below:

														Restricted
		Stock Options												Stock Units (RSUs)
						Weighted				Weighted								Weighted
						Average				Average								Average
						Exercise				Remaining								Remaining
						Price				Contract								Contract
		Shares				(per share)				Life (YRS)				Shares				Life (YRS)
June 30, 2014			654,158			$	2.25				5.5				856,300				0.9
Granted			80,000			$	1.16				9.8				219,000				2.8
Exercised			—				—				—				—				—
Cancelled/Forfeited			(10,000	)		$	3.04				—				—				—
December 31, 2014			724,158			$	2.12				5.6				1,075,300				1.1
Awards exercisable/
vested as of
December 31, 2014			516,658			$	2.46				4.3				604,765				—
Awards unexercisable/
unvested as of
December 31, 2014			207,500			$	1.28				8.9				470,535				1.1
			724,158												1,075,300

Schedule of Share Based Compensation Future Cost to be Recognized

We expect to recognize the compensation cost as follows:

						Restricted
						Stock
		Stock				Share/
		Options				Units				Total
Six Months ended June 30, 2015		$	24,665			$	120,398			$	145,063
Year ended June 30, 2016			40,802				211,931				252,733
Year ended June 30, 2017			31,074				120,513				151,587
Year ended June 30, 2018			17,310				24,906				42,216
Year ended June 30, 2019			3,374				—				3,374
		$	117,225			$	477,748			$	594,973

Schedule of Activity of Unexerciseable and Unvested Awards

The following table is a summary of the number and weighted average grant date fair values regarding the Company’s unexercisable/unvested awards as of December 31, 2014 and changes during the six months then ended:

		Stock												Weighted-Average
		Options								Total				Grant Date Fair Values
Unexercisable/unvested awards		Shares				RSU Shares				Shares				(per share)
June 30, 2014			193,000				354,303				547,303			$	1.18
Granted			80,000				219,000				299,000			$	1.31
Vested			(65,500	)			(102,768	)			(168,268	)		$	1.37
Cancelled/Forfeited			—				—				—				—
December 31, 2014			207,500				470,535				678,035			$	1.19

Schedule of Financial Statement Effect Related to Share Based Compensation

The following table shows total stock-based compensation expense for the six months ended December 31, 2014 and 2013 included in the consolidated statements of operations and comprehensive income:

		(Unaudited)				(Unaudited)
		Six months ended				Six months ended
		December 31,				December 31,
		2014				2013
Stock options		$	27,106			$	38,857
RSU			110,969				188,789
Total		$	138,075			$	227,646
The amounts above were included in:
General & administrative		$	133,042			$	221,995
New product development			5,033				5,651
		$	138,075			$	227,646

X

- Definition

Tabular disclosure of the number of unvested share options and restricted stock units and shares expected to vest at the date of the latest statement of financial position, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term for both options and restricted stock units currently outstanding and options and restricted stock units exercisable (or convertible).

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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